| |
|
FINANCIAL HIGHLIGHTS |
|
Year Ended
December 31, (in millions, except per share data) |
1997
|
1998(1) |
1999(1) |
2000(1) |
2001(1) |
|
|
CONSOLIDATED STATEMENT OF INCOME DATA: |
|
|
|
|
|
|
Net
revenues |
$
4,019.2 |
$
4,247.8 |
$
5,056.3 |
$
7,813.2 |
$ 6,356.9
|
| Cost of sales |
(2,457.4) |
(2,623.0) |
(3,054.5) |
(4,216.9) |
(4,047.0) |
|
|
Gross
profit |
1,561.8 |
1,624.8 |
2,001.8 |
3,596.3) |
2,309.9 |
| Total operating
expenses |
(1,042.0) |
(1,101.4) |
(1,330.3) |
(1,813.6) |
(1,970.9) |
|
|
Operating
income |
519.8
|
523.4
|
671.5
|
1,782.7 |
339.0
|
| Net interest income
(expense) |
(2.6) |
8.7 |
35.6 |
46.7 |
(13.0) |
|
|
Equity in
loss of joint ventures |
|
|
|
|
(4.8)
|
| Income before income taxes
and minority interests Income tax expense |
517.2 |
(532.1) |
(707.1) |
(1,829.4) |
(321.2) |
| Income tax
expense |
(113.0) |
(120.4) |
(157.2) |
(375.1) |
(61.1) |
|
|
Income
before minority interests |
404.2
|
411.7
|
549.9
|
1,454.3 |
260.1
|
| Minority
interests |
2.4 |
(0.6) |
(2.6) |
(2.2) |
(3.0) |
|
|
Net
income |
$
406.6 |
$
411.1 |
$
547.3 |
$
1,452.1 |
$
257.1 |
| Earnings per
share (basic) (2) |
$
$ 0.49 |
$
$ 0.49 |
$
$ 0.64 |
$
$ 1.64 |
$
0.29 |
| Earnings per
share (diluted) (2) |
$
0.48 |
$
0.48 |
$
0.62 |
$
1.58 |
$
0.29 |
| Number of shares
used in calculating earnings per share (basic) (2) |
834.6 |
845.1 |
859.1 |
$
885.1 |
893.3 |
| Number of shares
used in calculating earnings per share (diluted) (2) |
839.15 |
864.3 |
901.2 |
936.1 |
902.0 |
|
CONSOLIDATED BALANCE SHEET DATA (END OF PERIOD):
|
|
|
|
|
|
|
Cash, cash
equivalents and marketable securities (1) |
$
702.2 |
$
1,100.7 |
$
1,823.1 |
$
2,330.9 |
$
2,444.2 |
| Total
assets |
5,445.7 |
6,434.0 |
7,930.3 |
1,880.5 |
10,797 |
| Short-term debt
(including current portion of long-term debt) |
424.6 |
191.2 . |
123.2 |
141.6 |
129.3 |
| Long-term debt
(excluding current portion) (1) |
356.4 |
755.8 |
1,348.5 |
2,700.5 |
2,771.5 |
| Shareholders'
equity(1) |
$
702.23,307.4 |
4,083.3 |
4,563.9 |
6,124.6 |
6,074.7 |
|
|
|
(1) On November 16, 2000, we
issued $1,480.0 million initial aggregate principal amount of zero-coupon
unsubordinated convertible notes, due 2010, for net proceeds of $1,457.8
million. On September 22, 1999, we completed an equity offering of 8,970,000
shares of capital stock at $24.88 per share (adjusted for the 3-for-1 stock
split) for net proceeds of $216.8 million. On September 22, 1999, we also
completed a debt offering of $720.9 million initial aggregate principal amount
of zero-coupon con-vertible Liquid Yield Optionª Notes, due 2009, for net
proceeds of $708.3 million. On June 10, 1998, we completed an equity offering
of 18,000,000 shares of capital stock at $12.03 per share (adjusted for the
2-for-1 stock split in June 1999 and 3-for-1 stock split in May 2000) for net
proceeds of $208.8 million. On June 10, 1998, we also com-pleted a debt
offering of $431.7 million initial aggregate principal amount of zero-coupon
convertible Liquid Yield Optionª Notes (LYONs), due 2008, for net proceeds
of $421.8 million. |
|
On April 27, 2001, we issued a
redemption notice for the remaining outstanding LYONs, due 2008, which were
redeemed and converted into common shares in May and June 2001; the residual
aggregate principal amount converted into common shares was $51.7 million. In
2001, we repurchased 9,400,000 common shares for $233.3 million and we have
reflected these purchases at cost as a reduc-tion of shareholdersÕ
equity. The repurchased shares have been designated to fund our most recent
employee stock option plan.
(2) All share information has
been adjusted to reflect the 2-for-1 stock split effected in June 1999 and the
3-for-1 stock split effected in May 2000. See Notes 2.10, 2.20 and 13 to the
Consolidated Financial Statements. |
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